RRSP the final sprint for 2009 contributions

2009 was the first year that I didn't do RRSP contributions directly from my pay cheques. I guess this is because my company doesn't match RRSP contributions and I wanted more choices than the mutual funds offered through the group RRSP. It's also the first year I decided not to try and max out my contributions. So I've been on and off with the RRSP contributions.

Now I've changed my mind on both. If I don't make an effort to contribute was much as I can, my limit will just keep building (and demands on my money such as mortgage, car etc will grow) and it will get harder to max it out.

Since I haven't contributed regularly, I'm having a hard time getting the money for the last minute contribution. It's not that have haven't been saving. I just haven't been planning. If I had I probably could have done something differently.

Off the top of my head, I could have contributed more during the year instead of saving as much as I can for downpayment. Then when it came time for the downpayment I could've taken more out of my RRSPs with the first time home buyers plan. And when I get my taxes returns, I could use that to start paying back my RRSPs. That's just one thought. Point to remember for future, is plan ahead.

Using my 3V Visa voucher

I redeemed my $20 from 3V Visa today. It was fairly simple. It's two steps to redeem. First I entered the activation code and my e-mail address. Then I entered my address on the next page. Voila a Visa number showed up on the next screen and a CVV number and expiry date was e-mailed to me.

Since I already picked out what I wanted, I hopped over to amazon to make my purchase. Paying was really simple. I just put in the details the same way I would a credit card. Although I did have a little glitch when I didn't know what to put down for expiry date. I originally did not see the expiy date in the e-mail sent to me. After looking over my e-mail more carefully I found it and finished my purchase.

All in all not bad. The advantage for me would be security. I don't have to worry about giving out my credit card number online. Also, it's good for budgeting. You spend what you have and don't have to worry about paying high interest on balances or affecting credit scores. Downside is that I get to use my credit card for free (if I don't carry a balance) and this one has charges. Although the website quotes prices for purchasing $30 or more 3V Visa vouchers. Does that mean $20 is not charged? Not sure but if so I would totally consider using this as a gift. This would be better than a gift card since they can shop in any store that offers online, mail order, or phone shopping.

$20 3V Visa voucher to spend

I got this e-mail recently asking if I was intrested in trying 3V Visa and blog about it in return.  It showed up in my email box today and I'm looking forward to trying it.  First I want to think about where and what I want to buy.

Where delisted stock go

I did a little financial clean up today before work. I called up my brokerage firm to do a few things that I couldn't regularly do online.

One is to move my US stocks (recently purchased) into my US account. This way when I sell them, I can either choose to keep the money in US dollars or change to Canadian dollars, just in case the exchange is really bad when I sell. If I planned ahead, I should have exchanged some US dollars to put in my US account when the rates are good so it's ready when I want to purchase US stocks.

Another is to get rid of a stock which now has been delisted, so that I could claim it for tax loss (next year). Basically it is transferred into an account where all delisted stocks go. Or that's how I understand it. What happens to it? I don't know. Why do we even need to transfer it in order to claim the tax loss? Isn't the fact that the stock no longer exist sufficient? If anyone knows the answer, feel free to share.

Trying to find that happy medium

I was cleaning out some papers which cropped up during my move to my new place. In the pile of receipts I found the receipt for my first digital camera. I still remember buying this camera in preparation for my 3 months internship in Finland. It’s a Canon A86 and cost $416.23. Also another receipt which I got a 256MB Flash card and a battery charger for $119.32 to go with the camera.

Aside from the shock at how dated the electronics is now, I’m really surprised at how changed my attitude towards spending is. I didn’t research for this purchase. I didn’t look for sales. I basically picked a camera I liked at the camera store. Paid for it. Then I hopped over to the electronics store and bought the accessories to go with. $500+ with no prior planning or thought of how it affected my future budget.

It’s not that I wasn’t money conscious at the time. I’ve been brought up to save money for as long as I can remember. However, back then my spending was less controlled or planned. There were two sides to my money philosophy
which didn’t quite mesh. There was the side that saved as much as possible. But then there was the side that saw what she wanted, and bought it as long as there was money in the bank. I never carried a balance on my credit card, but I never had long term savings either.

Funny how perspectives change. Back when I made less than half of what I made now but I was more free with my money than I am now. Back then I dropped $500 in a day without much thought. Whereas, I’ve been agonizing more than two months over a couch because $1000 is so much money. Of course back then I wasn’t thinking about mortgage payments and RRSP savings etc.

That being said. I don’t want to be ruled by money. I think I need to find a happy medium between the then me and the now me.